$NSE:GSPL

ontem

GSPL : Gujarat State Petro Ltd 🚀
I've spotted several key technical patterns and points of interest 📊:

Descending Triangle Pattern 🔺

• A clear descending triangle has formed from September 2023 to January 2025
  
• Upper resistance line is descending from around ₹470 to ₹370 levels
  
• Lower support line has been relatively flat around ₹350-₹360 levels
  

Price Action & Trend 📈

• Currently showing a strong bullish candle with a +9.16% gain 📊
  
• Price has broken above the descending triangle resistance line
  
• Multiple EMAs (Exponential Moving Averages) visible on the chart showing previous resistance levels 📉
  

Volume Analysis 🔍

• Significant volume spike visible in the latest session (8.05M vs avg volume of 928.27K) 📊
  
• Volume Run Rate is extremely high at 1664.19% 🚀
  
• Previous major volume spikes were seen in September 2023 📅
  

Key Price Levels 💵

• Current price: ₹373
  
• Recent resistance levels: ₹394.80, ₹401.40
  
• Support levels: ₹350.00, ₹321.05
  
• 52-week high appears to be around ₹469.70

Technical Indicators 📈

RSI (shown in the bottom panel) has moved from oversold to neutral territory 🔄
Multiple EMAs crossovers visible, indicating trend changes 🔀
The current breakout from the descending triangle pattern with high volume support suggests a potential trend reversal from bearish to bullish 📊. However, traders should watch for confirmation of this breakout in subsequent sessions to validate the pattern completion 📉.

Price Targets 🎯

Traditional Triangle Measurement Method
Height of triangle: ~₹470 - ₹321 = 149 points
Breakout point: ~₹372-₹375 level
Conservative target: ₹375 + 149 = ~₹524 INR

Alternative Measured Move Targets

1. First resistance: ₹394.80 (Immediate resistance)
   
2. Second resistance: ₹401.40 (Previous consolidation level)
   
3. Third resistance: ₹435.00 (Major resistance from October 2023)

Risk Management Levels ⚠️

Support (Stop Loss): ₹350.00 (Previous support)
Risk:Reward: Favorable if using ₹350 as stop loss for targets above ₹400

Important Considerations 🤔

• High volume breakout (767.99% change in volume) adds credibility to the move
  
• Previous resistance around ₹435-₹440 zone
  
• Conservative target: ₹394.80
  
• Aggressive target based on pattern measurement: ~₹495
  

Disclaimer:
This is not financial advice. Please do your own research before making any investment decisions. Trading stocks involves risk and may not be suitable for all investors.